विदेशी मुद्रा विश्लेषण और समीक्षा: 21.01.2021

21.01.2021 03:47 PM

Gold has many prospects for growth

Prices on the precious metals market moved into a positive zone this morning. Gold is rising against the background of the continued weakening of the national currency of the United States of America, which in turn shows weakening due to growing hopes for the adoption of a more expanded program of fiscal stimulus for the country's economy after the official inauguration of the new president Joe Biden.

The price of gold futures contracts today on the trading floor in New York was higher by 0.27%, or $ 5, which allowed it to move to a new level – $ 1,871.5 per troy ounce. At the same time, support was at $ 1,800.8 per troy ounce, and resistance went to the area of $ 1,872.65 per troy ounce.

The price of silver futures contracts for delivery in March also jumped up quite significantly. The increase was 0.87%, and the new level was $ 25.99 per troy ounce.

The price of palladium increased by 0.63% and reached $ 2,386.78 per ounce.

Platinum rose 0.98% to $ 1,120.43 an ounce.

The price of copper futures contracts for March delivery jumped 0.48%. Its current level is now consolidating around $ 3.6630 per pound.

The main engine of precious metals remains the US dollar. Its weakness makes them significantly increase their value. It seems that this trend will linger for a long time. Recall that in the case of a reduction in the dollar, gold and other metals become more attractive to holders of foreign currency. Now there is every reason to believe that there are no reasons for the strengthening of the US national currency yet and it is unlikely to appear in the near future.

The dollar will continue to be under enormous pressure on the background of the adoption of a new program of financial incentives in the United States, which now has every chance of being ratified in the near future. Meanwhile, there are fears that it will not be adopted immediately and not in the volume announced by the newly-made leader of America, but in parts. However, this will not support the US dollar at all, but will only exacerbate inflationary risks.

Joe Biden's project to inject $ 1.9 trillion into the country's economy has already received approval in Congress, however, it was supported mostly by Democrats, and the margin of votes in favor of its adoption was minimal. However, then Janet Yellen, who is the main candidate for the post of US Treasury Secretary, announced that she would support, promote and refine this project before its final implementation because she believes that only in this way can we begin to get out of the protracted crisis associated with the coronavirus pandemic.

Thus, now all market participants are tuning in to the fact that inflation will rapidly gain momentum, the dollar will become cheaper, which means that it is time to think about how to save their assets. The "safe-haven" of gold, the popularity of which is almost inevitable, will come to the rescue. Consequently, the growth of prices in the precious metals market in the medium and long term is also quite real. Meanwhile, most experts still tend to believe that this year will be much more difficult for gold than even the previous one. More than once you will have to face the golden swings that will arise in situations of uncertainty.

Also, do not forget about the yield of government bonds of the United States of America, which will also have a significant impact on the movement of precious metals.

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